Funds from operations totaled $43 million, a 3.9% increase overthe same quarter in 1999. FFO per share was 94 cents, the same asfor the period last year.
Although FFO met revised estimates, the amount was short of theoriginal projections, which called for $1.01 per share. In October,Post said it would not meet estimates in the quarter and for theyear. In a conference call Nov. 8, Williams cited the increase ininterest rates, delays in construction in some markets and lease-upshortfalls, especially in Dallas and Phoenix.
The company was building "too much too fast without the internalcontrols to handle the activity," noted Williams. Post had underway or planned 18 deals in 11 months. To right matters, the companyplans to reduce its development from about $400 million per year to$150 million to $250 million per year.
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